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Russia's application for Asian Infrastructure Investment Bank participation approved

April 14, 2015, 15:27 UTC+3

Egypt, Norway and Russia have officially become future constituent states of the AIIB

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© AP Photo/Eugene Hoshiko

BEIJING, April 14. /TASS/. Russia’s application for participation in the Asian Infrastructure Investment Bank (AIIB) was accepted, as was the case with Egypt’s and Norway’ applications, the Chinese Finance Ministry reported Tuesday.

"Egypt, Norway and Russia have officially become future constituent states of the AIIB," the report said.

First Deputy Prime Minister Igor Shuvalov said on March 28 Russia would take part in AIIB foundation, which he said would add possibilities for the Russian economy to develop and thrive without provoking competition to similar projects - SCO Development Bank, BRICS Development Bank and Eurasian Development Bank.

The idea of setting up the AIIB comes from China; the first memorandum on this project was signed in October of last year in Beijing. The authorized capital of the financial institution amounts to $100 billion, the initial share capital - $50 billion. The headquarters of the bank, which must be formed by the end of 2015, will be located in Beijing.

52 countries including Brazil, Britain, India, France, South Korea have applied for participating in AIIB foundation, the US and Japan opted out of participation. The final list of constituent states will be published on April 15.

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